Now “not the right time” to grow UK market share, says Engelhardt
Motor insurer Admiral has cut its UK motor turnover by 9% in the first quarter of 2013.
First-quarter 2013 UK motor turnover was £470m, compared with £518m in the same quarter last year, according to the interim management released this morning.
The vehicle count remained static at £3m.
Admiral chief executive Henry Engelhardt said: “We continue to be focused on margin not volume and we believe this is not the right time for us to grow our market share in the UK.”
The company warned throughout 2012 that UK motor growth would slow because of softening prices. Total 2012 UK motor turnover was £1.94bn, down 2% on 2011’s £1.97bn.
Admiral is growing outside the UK. International car insurance turnover increased 20% to £48m (Q1 2012: £40m).
However, this was not enough to offset the UK motor decline. Overall group turnover was down 6% at £551m (Q1 2012: £586m).
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